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SSI Group Steps Up Store Expansion Plan

SSI Group, Inc. (SSI) is pursuing its aggressive store expansion until next year, hiking its spending program this year and allocating PHP 1.7 billion for 2016.

The company is setting aside PHP 1.7 billion to add 16,000 to 17,000 square meters of retail space to its existing portfolio of 138,000 sqm for 2016.

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In addition, the company is raising its capital spending budget this year to over PHP 2 billion from an earlier planned amount of PHP 1.5 billion.

The increase in 2015 capex entails SSI an additional 5,000 sqm expansion from the former plan of 16,000 sqm.

Out of the planned 21,000 sqm of retail space planned for 2015, SSI already opened 23 new stores covering 4,106 sqm of additional selling space in the first quarter of the year.

For 2016, taking into account the schedule of the landlords, we’re looking at 16,000 sqm that’s committed to open next year assuming there will be no delays.

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Posted by on June 17, 2015 in Corporate News, SSI, Stock Market

 

VLL raises $300-Million via debt offer

Vista Land & Lifescapes Inc. (VLL) raised $300 million from the sale of 7-year corporate notes through its subsidiary VLL International Inc.

It is the first 7-year tenor notes offered under its $1b debut medium term note program.

The bonds has a nominal rate of 7.375%.

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Proceeds from the offering “will primarily be used for refinancing, general working capital purposes and other general corporate purposes.”

The unsecured notes were issued as part of the com-pany’s liability management exercise designed to extend its US dollar notes due 2018 and 2019.

 
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Posted by on June 17, 2015 in Corporate News, Stock Market, VLL

 

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Solar Philippines, MWIDE affiliate target completion of three projects by December

A joint venture between Solar Philippines Inc. and Megawide Construction Corp. (MWIDE) targets to install 3 solar projects with a combined 190 MW of capacity by December.

The JV company is Citicore Solar Philippines Power Project Holdings.

One of the projects, the 60-MW Calatagan solar farm, is ready to start construction.

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The second project, which will be built in Central Luzon, will have a capacity of 90 MW.

The company is securing permits for the projects, with construction slated for August.

The third project could produce 40 MW.

The company has ordered the equipment for construction, even before securing permits and reaching financial closure.

 
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Posted by on June 17, 2015 in Corporate News, MWIDE, Stock Market

 

URC bares big plans for Griffin’s

Universal Robina Corporation (URC) plans to bring New Zealand’s iconic Griffin’s brand not only within the boundaries of Southeast Asia but to the rest of Asia as well.

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URC president and CEO Lance Y. Gokongwei said the company is currently developing a business plan and a strategy on how to turn Griffin’s into a premium brand in Asia.

 
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Posted by on June 16, 2015 in Corporate News, Stock Market, URC

 

MER seeks ERC nod for lower average electricity rates

Manila Electric Company (MER) has asked the Energy Regulatory Commission to allow the firm to lower its distribution and metering charges at an average of 10.4%.

“Meralco asked the ERC for authority to implement an In-terim Rate that is on average, across all customer classes, a 10.4% reduction from its current distribution, supply, and metering charges,” the company said in a statement.

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According to the petition, the 10.4% reduction amounts to PHP 1.39 per kWh from the current PHP 1.55 per kWh, which expires on June 2015.

 
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Posted by on June 16, 2015 in Corporate News, MER, Stock Market

 

PERC sells 10% stake in subsidiary in PHP 206-Million deal with EEI

PetroEnergy Resources Corp. (PERC) has sold a minority stake in its renewable energy unit to a subsidiary of listed construction firm EEI Corporation (EEI) for PHP 206 million in a bid to raise capital for its ongoing power ventures.

PetroEnergy said that EEI Power Corp. acquired a 10% stake in PetroGreen Energy Corp. (PGEC), “thereby reducing PetroEnergy’s interest… to 90%.”

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The transaction involved the sale of 112,276,868 shares valued at PHP 1.835 apiece or a total consideration of PHP 206 million.

PetroEnergy holds a 2.525% interest in the Etame Marin block located in Gabon, Africa.

PetroEnergy is also involved in the exploration and development of petroleum resources.

The company has a 5.001% interest in Service Contract (SC) 6A; 4.137% in SC 14C2; and 15% in SC 75 — all located in waters northwest of Palawan.

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It also holds a 4.01% stake in SC 51 in waters east of Visayas; and 2% in SC 47 located offshore the province of Mindoro.

 
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Posted by on June 16, 2015 in Corporate News, PERC, Stock Market

 

JG Summit Mulls UCPB Takeover to Grow Size of Banking Unit

JG Summit Holdings Inc. (JGS) has bought bid documents for a government auction of sequestered lender United Coconut Planters Bank.

Robinsons Bank is taking a look at the UCPB as the government would maintain the latter as a state depository facility until 2018 even as the government has set into motion the sale of its stake and the recapitalization of the bank.

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Robinsons Bank’s interest in UCPB comes at a time when the lender plans to significantly grow its asset and capital base to support growth and comply with the stringent requirements set by the Bangko Sentral ng Pilipinas .

JG Summit is planning to grow Robinsons Banks’ assets by fourfold in 2020 from the current PHP 50.0 billion.

 
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Posted by on June 16, 2015 in Corporate News, JGS, Stock Market